Guaranty Trust Holding Company Plc (GTCO), a prominent African financial services group, is embarking on a strategic move to bolster its capital base and enhance its global presence. The company has announced plans to raise approximately $100 million through a fully marketed equity offering, coupled with a transition from its current Global Depositary Receipts (GDRs) structure to a full listing of its ordinary shares on the London Stock Exchange’s Main Market. This dual approach marks a significant step in GTCO’s growth trajectory, aiming to strengthen its financial position while simultaneously increasing its visibility and accessibility to international investors.
The equity offering, which commenced on July 2, 2025, and is slated to conclude on July 3, 2025, is expected to provide a substantial capital injection. This infusion of funds is primarily earmarked for the recapitalization of GTCO’s banking subsidiary, GTBank Nigeria, aligning with the Central Bank of Nigeria’s (CBN) revised minimum capital requirement of ₦500 billion for international commercial banks. This regulatory mandate underscores the importance of maintaining robust capital levels to ensure financial stability and resilience within the Nigerian banking sector. GTCO’s proactive approach to meeting this requirement demonstrates its commitment to regulatory compliance and its dedication to maintaining a strong financial foundation.
The transition to a full listing on the London Stock Exchange’s Main Market signifies a pivotal shift in GTCO’s global strategy. By migrating from the GDR structure to a direct listing of its ordinary shares, GTCO aims to enhance its international profile and attract a broader investor base. This move will grant investors direct ownership of GTCO shares, simplifying the investment process and potentially increasing trading liquidity. The listing is scheduled for July 9, 2025, under the ticker symbol “GTHC”, which will subsequently be changed to “GTCO” following the cancellation of the GDRs by July 31, 2025. This seamless transition ensures continuity and clarity for investors throughout the process.
This strategic move signifies GTCO’s commitment to strengthening its financial position while simultaneously expanding its global reach. The capital raised through the equity offering will be instrumental in bolstering GTBank Nigeria’s capital base, ensuring compliance with regulatory requirements and enhancing the bank’s capacity to support economic growth. Furthermore, the transition to a full listing on the London Stock Exchange will elevate GTCO’s international profile, attracting a wider range of investors and enhancing its access to global capital markets.
The timing of this initiative aligns with GTCO’s positive financial performance. The company reported a profit after tax of N258 billion in the first quarter of 2025, representing a substantial 61% year-on-year growth (excluding fair value gains). This strong financial performance, driven by robust core earnings, provides a solid backdrop for the capital raising and listing initiatives, instilling confidence in potential investors and reinforcing the company’s growth trajectory. The improvement in the non-performing loan ratio to 4.5% from 5.2% at the end of 2024 further demonstrates the bank’s sound financial health and risk management practices.
In essence, GTCO’s strategic move to raise capital and transition to a full listing on the London Stock Exchange signifies a pivotal moment in the company’s evolution. This approach underscores its forward-thinking approach, its commitment to regulatory compliance, and its ambition to solidify its position as a leading African financial institution on the global stage. By enhancing its global visibility and access to capital, GTCO is not only pursuing its own growth objectives but also contributing to the development of the African financial landscape and unlocking transformative opportunities across the markets and customer segments it serves. This initiative is expected to further solidify GTCO’s position as a key player in the African financial services sector, paving the way for continued growth and expansion in the years to come.
